Business
Oil Search sees two-year delay in LNG expansion – The Australian Financial Review
Chief executive Keiran Wulff says the reworking of growth project plans will make them more manageable for Oil Search.
Excluding one-off items, net profit dived a steeper-than-expected 85 per cent to $US24.7 million, dragged down by lower oil prices and higher exploration expenses.
Oil Search put its growth projects on hold in March after oil prices plunged and has cut 34 per cent of its staff as it slashed costs. It had to raise $US700 million in fresh equity in April amid concerns about its ability to service debt.
Its LNG expansion in PNG, led by multinational partners ExxonMobil and Total SA, had already s…
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